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Social Security

The Paul Ryan discussion brings some thoughts to mind.

 

My wife and children were covered under my social security at earlier times when coverage for them was of great importance to me if I died, even given some life insurance, assets that increased over the years etc.

 

I was also covered in the case of disability- again not huge but something of value.

 

To claim that I didn't receive any value from my contributions would be like beeching that I didn't cash in on my life insurance.

 

I think the retirement benefit is very much the same. Currently I plan to be a contributor and not a beneficiary of the retirement benefit well into my 70s. But it is quite important to me that it is there should I become disabled along the way, undergo financial reversal etc.

 

Therefore as I have always said, it isn't a big deal at all to me if the retirement age is raised to reflect changing health and life expectancy. I'm not worried about the supplemental income for shuffleboard at 66; I do value having it as a backstop should something unexpected happen.

 

fwiw,

h.

26 Replies
Honored Advisor

Re: Social Security

Should a Warren Buffet be getting a $1900/mo check?   It`s legal and he paid in the appropriate amount.  To target the truly needy, it wouldn`t hurt my feelings to have a means test of $5 million net worth where above that you don`t get any. The way SS is currently a guy like Buffet may collect $1/2million over is life where as if a coal miner kicks the bucket the day after he retires then everything he contributed is down the rathole. Seems it would better serve those in need if the wealthy didn`t have their hands in the same cookie jar.

Veteran Advisor

Re: Social Security

If that coal miner is single with no heirs you may be right but if he has a wife then you are wrong.  You don't Warren Buffet to collet but the same thing could happen to him just as easily as the coal miner.  You don't want him collecting SS but you also don't want him to pay more in taxes.  Do you have a problem justifying the difference?

Honored Advisor

Re: Social Security

Well on getting rid of Bush tax cuts, that wouldn`t effect Buffet, his income is capital gains and off-shore.  The ones it would pinch is the local rich fart that owns 3 Burger Kings and a couple Ace Hardware stores, the guy that actually would hire and expand.  The deceased coal miner who`s wife was a homemaker would get half his SS check and would struggle.  Buffet, on the otherhand probably couldn`t tell you within a hundred bucks of what his check is, as a matter of fact I heard him say it was"$1700 or $1900...something like that".   I`m just telling you what needs done in order to keep the system intact for the truly needy.

Advisor

Re: Social Security

Good for you. If it was a voluntary program, like purchasing life insurance I wouldn't have a problem with it. As it is it is just another authoritarian program.
Senior Contributor

Re: Social Security

  Everybody that we know that is in their 40s and younger doesn't believe that SS and/or Medicare will/would be around when we reach eligibility age, and we've not only had our age requirement raised but also been bombarded with information that it wouldn't be.

  We planned accordingly in case one or both of us was gone, and the piddly amount that our kids would have got if that happened wasn't even considered because of the low amounts(versus what either of us paid in). Our biggest concern, and it somewhat still is is health insurance for the kids(now just one is still a minor).

  The small amounts of survivor benefits would basically be used to cover the health insurance premiums in today's world. But, that's what our life insurance is planned to cover.

  I don't have a problem with doing away with SS( IF payers were allowed to keep their money INSTEAD of it being privatized), but there is a large number of people that have little to no retirement savings, and it's even worse now because a lot of people burned them up after the housing bust.

  I wonder if Ryan's plan would still pay for a voucher if we didn't even live in this country? We would even consider half back of what we have paid in and call it even, but let us take our money free and clear if and when we decide to move out of the country.

Senior Advisor

Re: Social Security

It's not a welfare progran . It is ss insurance. People pay in with the expectation that they will receive benefits. If you are just going to treat it as a welfare program then everyone should share in the burden. Working stiffs shouldn't picking up the tab for everybody.

 

Warren Buffet Limbaugh Bill Gates and anyone else that makes a buck should get it taxed at 12.5 % plus 3% for medicare medicaid.

Senior Advisor

Re: Social Security

As it is nox you may well work into your 70"s but that does not mean you cannot collect benefits.

 

I collect benefits and continue to farm. I also pay SS taxes along with fica taxes and ordinary income taxes

Senior Advisor

Re: Social Security

They don't have their hands in the cookie jar. They are not theives. The receive benefits that they have earned through participation.. Just like a bank sending you a dividend on an i nvestment you have made. Nobody is suggesting you decline it because you don't need it.

Advisor

Re: Social Security

Just curious how you came up with $5million? At today's farmland values, wouldn't be hard for many to be above that. Wonder how we enforce such a means test? How much "fudging" or outright lying would go on to stay below any arbitrary hurdle. this all said....if you and i live long enought to rent our farms at prevailing rate, S.S. will be a "drop in the bucket".